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Related Issuers
Aberdeen (City of) WA
Adair County Public Properties Corp., KY
Alabama (State of)
Alabama Building Renovation Finance Authority
Alabama Incentives Financing Authority
Alabama Public Health Care Authority
Alaska (State of)
Alaska Municipal Bond Bank
Alturas International Academy, ID
American Academy, CO
American Samoa (Territory of)
American Samoa Eco. Dev. Auth.
Anser of Idaho, Inc., ID
Arizona (State of)
Arizona Game & Fish Department & Commission
Arizona School Facilities Board
Arizona Wildlife Finance Corporation
Arkansas (State of)
Arkansas School District Intercept Program
Baltimore (City of) MD
Baltimore Board School Commissioners, MD
Baltimore C.S. Cnstrctn and Rvtlztn Prgrm, MD
Banning Lewis Ranch Academy, CO
Barren County Public Properties Corp., KY
Behavioral Health Center of Nueces Cty, TX
Bell County Public Properties Corporation
Boone County Public Property Corporation, KY
Boyd County Capital Projects Corporation, KY
Bracken Co. Public Property Corp., KY
Breathitt County Justice Center Corp., KY
California (State of)
California Infrastructure & Econ. Dev. Bank
California Municipal Finance Authority
California State Public Works Board
Camino Real Com. Mental Health Mental Ret Ctr
Carter County Justice Center Corporation, KY
Casey County Public Properties Corp., KY
Chilton County Public Building Authority, AL
City of Detroit Distributable State Aid Intercept Program
Clay County Justice Center Corporation, KY
Clayton County Development Authority, GA
Colorado (State of)
Colorado Charter School Moral Obligation Program
Colorado Educational & Cultural Facs. Auth.
Colorado Higher Education Enhancement Program
Colorado School District Enhancement Program
Commonwealth Financing Authority, PA
Connecticut (State of)
Connecticut Development Authority
Connecticut Health & Educational Fac. Auth.
Connecticut Higher Edu Supp Loan Auth
Connecticut Housing Finance Authority
Connecticut Innovations, Incorporated
Cumberland County Public Properties Corp., KY
DASNY Court Facilities Intercept Program
DASNY Master BOCES Intercept Program
DASNY Municipal Health Fac. Intercept Prog.
DASNY OPWDD Intercept Program
DASNY Sch. Dist. Rev. Bond Fin. Intcpt. Prog.
Delaware (State of)
Delaware Sustainable Energy Utility, Inc.
Dormitory Authority of the State of New York
DSST Public Schools, CO
Elizabethtown Public Property Holding Company Inc., KY
Elliot County Properties, Incorporated, KY
Entheos Academy, UT
Fairfax County Economic Development Auth., VA
Finance Authority of Maine
Fleming County Public Properties Corp., KY
Florida (State of)
Florida Department of Management Services
Florida Department of Transportation
Florida Insurance Assistance Interlocal Agcy.
Florida State Board of Education
Florida State Department of Managment Svcs.
Florida State Dept. of Children & Families
Floyd County Public Properties Corporation KY
Franklin County Public Properties Corp., KY
Garden State Preservation Trust, NJ
GEM Prep: Meridian, ID
GEM Prep: Nampa, ID
GEM Prep: Pocatello, ID
Georgia (State of)
Georgia School District Intercept Program
Georgia State Road & Tollway Authority
Golden State Tobacco Securitization Corp., CA
Grand Rapids Building Authority, MI
Grant County Public Properties Corp., KY
Grayson County Public Prop. Corp., KY
Green County Public Properties Corp., KY
Guam (Government of)
Harbor Regional Center, CA
Harlan County Justice Center Corporation, KY
Hart County Public Property Corporation, KY
Hartford (City of) CT
Hawaii (State of)
Hawaii State Department Hawaiian Homelands
Henry County Public Properties Corporation, KY
Hickman County Public Properties Corp., KY
High Point Academy, CO
Hopkins County Public Properties Corp., KY
I.D.B of the City of New Orleans Inc., LA
Idaho (State of)
Idaho Fish and Wildlife Foundation, Inc., ID
Idaho Housing & Finance Association
Idaho Public Charter School Facilities Program
Idaho School Bond Sales Tax Guaranty Program
Idaho State Building Authority
Illinois (State of)
Indiana (State of)
Indiana Finance Authority
Indiana School District Intercept Program
Indiana State Office Building Commission
Indiana Transportation Finance Authority
Inland Regional Center, CA
Iowa (State of)
Jackson County Public Properties Corp., KY
Johnson County Justice Center Corporation, KY
Kansas (State of)
Kansas Development Finance Authority
Kenton County Public Property Corporation, KY
Kentucky (Commonwealth of)
Kentucky Area Dev. Dist. Fin. Trust
Kentucky Asset/Liability Commission, KY
Kentucky Bond Development Corporation
Kentucky Public University Intercept Program
Kentucky School District Enhancement Program
Kentucky State Property and Build. Comm., KY
Kentucky Turnpike Authority
Knott County Justice Center Corporation, KY
Lafayette Public Trust Financing Auth, LA
Laurel Cnty. Jud. Ctr. Pub. Prop. Corp., KY
Lawrence County Public Properties Corp., KY
Lewis County Public Properties Corp., KY
Lincoln County Public Properties Corporation, KY
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Louisiana (State of)
Louisiana Loc. Govt. Env. Fac.& Comm.Dev.Auth
Louisiana Office Facilities Corporation
Louisiana Public Facilities Authority
Louisiana State Military Department
Louisiana Transportation Authority
MA State Coll Build Auth St Univ Intercpt Prog
Magoffin County Justice Center Corp., KY
Maine (State of)
Maine Educational Loan Authority
Maine Governmental Facilities Authority
Maine State Aid Intercept Program
Marion County Public Properties Corp., KY
Maryland (State of)
Maryland Department of Transportation
Maryland Economic Development Corporation
Maryland Infrastructure Fin. Intercept Prog.
Maryland Stadium Authority
Mason County Public Properties Corporation, KY
Massachusetts (Commonwealth of)
Massachusetts Bay Transportation Authority
Massachusetts Dept. of Trans.- Metro.Hwy.Sys.
Massachusetts Development Finance Agency
Massachusetts Qualified Bond Program
Matanuska-Susitna (Borough of) AK
Menifee Co. Pub. Prop. Corp., KY
Mercer Co. Pub. Properties Corp., KY
Metcalfe County Public Properties Corp., KY
Metropolitan Pier & Exposition Authority, IL
Metropolitan Transportation Authority, NY
Michigan (State of)
Michigan Cty. Dist. State Aid Intercept Prog.
Michigan Finance Authority
Michigan School Bond Qual. & Loan Prog. (New)
Michigan School Bond Qual.& Loan Prog. (Org.)
Michigan State Building Authority
Michigan Strategic Fund
Milwaukee Public Schools, WI
Milwaukee Redevelopment Authority, WI
Minnesota (State of)
Minnesota Credit Enhancement Program
Minnesota Housing Finance Agency
Minnesota School District Credit Enhancement Program
Mississippi (State of)
Mississippi Development Bank
Missouri (State of)
Missouri Board of Public Buildings
Missouri Development Finance Board
Missouri School District Direct Deposit Prog.
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Montana Board of Investments
Montana Facility Finance Authority
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Mount Pleasant (Village of) WI
Muhlenberg County Justice Center Corp., KY
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New Hampshire (State of)
New Hampshire (State of) Business Fin. Auth.
New Hampshire Bond Bank State Aid Intercept Program
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New Jersey Building Authority
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New Jersey Transportation Trust Fund Auth.
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New York City Transitional Finance Auth., NY
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New York State Environmental Facilities Corp.
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New York State Section 99-b Intercept Program
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Newport (City of) KY
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North Carolina Turnpike Authority
North Dakota (State of)
North Dakota Building Authority
North Dakota Department of Public Instruction
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Ohio School District Credit Enhancement Prog.
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Rhode Island Convention Center Auth
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Richmond District Court Facilities Corp., KY
Riverside County Public Financing Auth., CA
Robertson Co. Public Property Corp., KY
Russell County Public Prop Corp, KY
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Shelby County Public Properties Corp., KY
Simpson County Justice Center Corporation, KY
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South Carolina Fiscal Accountability Authority
South Carolina School District Credit Enhancement Program
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South Dakota Building Authority
South Dakota Health & Educational Facs. Auth.
South Jersey Port Corporation
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Spectrum Academy, UT
Sports&Exhib. Auth. of Pittsburgh & Allegheny
St. Paul Port Authority, MN
Stargate Charter School, CO
State Board of Administration Finance Corporation, FL
State Road and Tollway Authority, GA
Taylor County Public Courthouse Corp., KY
Telcoware Company Limited
Tennessee (State of)
Tennessee State Sch. Bd.Auth. Intercept Prog.
Texana Center, TX
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Texas Economic Development Bank
Texas Higher Education Coordinating Board
Texas Public Finance Authority
Texas State Technical College System, TX
Texas Transportation Commission
Texas Veterans Land Board
Texas Water Development Board
The Public Building Authority of Tallapoosa County, AL
Thomas MacLaren State Charter School, CO
TN St Sch.Bd.Auth Higher Ed.Inter.Prog
Todd County Public Properties Corporation, KY
Trigg County Public Justice Center Corp., KY
U.S. Virgin Islands (Government of)
Union Colony Schools, CO
University of Connecticut, CT
University of Minnesota, MN
Utah (State of)
Utah Charter School Credit Enhancement Program
Utah Charter School Finance Authority, UT
Utah School District Bond Guaranty Program
Utah State Building Ownership Authority
Vallejo City Unified School District, CA
Vermont (State of)
Vermont Economic Development Authority
Vermont Educational & Hlth. Bldgs. Fin. Agy.
Vermont State Aid Intercept Program
Virginia (Commonwealth of)
Virginia College Building Authority
Virginia Commonwealth Transportation Board
Virginia Localities Intercept Program
Virginia Port Authority
Virginia Public Building Authority
Virginia Public School Authority
Virginia Resources Authority
Vista at Entrada School of Performing Arts and Technology, UT
Warren Cnty Justice Cntr Expan Corp, KY
Washington (State of)
Washington County Justice Center Corp, KY
Washington State Department of Ecology
Washington State School Bond Guarantee Prog.
Wayne County Public Properties Corp., KY
Webster County Public Properties Corp. KY
West Ridge Academy, CO
West Virginia (State of)
West Virginia Economic Development Authority
West Virginia School Building Authority
West Virginia Water Development Authority
Westgate Community School, CO
WH, MV, & Nant. Steam. Auth., MA
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Windsor Charter Academy, CO
Wisconsin (State of)
Wisconsin Center District, WI
Wolfe County Public Properties Corp., KY
Rating Action:

Moody's takes various actions in conjunction with publication of updated methodology for US states and territories

22 Mar 2022

>

NOTE: On March 29, 2022, the press release was corrected as follows: In the List of Affected Ratings accessible via hyperlink from this press release, the sale descriptions were changed for Sale IDs 907605859, 907605990, 907606048, 907606070, 907606058, 907606089, 907606078, 907606111, 907606102, and 907606122. Revised release follows.

New York, March 22, 2022 -- Moody's Investors Service has today assigned Issuer Ratings to 40 states and territories, affirmed Issuer Ratings of 12 states and territories, and placed 36 state and territory debt instrument ratings under review, in conjunction with the implementation of the US States and Territories Methodology published on March 22, 2022. Twenty-four debt instrument ratings are under review for possible upgrade and 12 are under review for possible downgrade. Moody's has also affirmed the ratings on all other state and territories' associated debt instruments. In addition, Moody's has withdrawn the Issuer Ratings assigned to 50 state aid intercept and enhancement programs, and assigned pledge-specific ratings to them in conjunction with the implementation of the new US States and Territories Methodology as well as the State Aid Intercept Programs and Financings Methodology published on March 22, 2022. Moody's has also withdrawn three issuer ratings on special tax bond programs and assigned pledge-specific ratings to two of them. These actions affect issuers with more than $535 billion in debt and reflect all the actions that could result in rating changes in conjunction with the adoption of the new methodologies.

The new US States and Territories methodology covers US states and territories and their debt instruments that were previously covered under US States and Territories methodology published in April 2018 and Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments methodologies published in November 2021.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907622778 for the list of affected credit ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The assignment and affirmation of Issuer Ratings reflects an evaluation of the key factors of the analysis for states and territories including the economy, finances, institutional framework and leverage together with other relevant considerations. The Issuer Ratings align with the definition for Issuer Rating as outlined in Moody's Rating Symbols and Definitions, updated and published March 22, 2022, and are used as the starting point for determining the debt instrument ratings assigned within the US States and Territories Methodology as well as the State Aid Intercept Programs and Financings Methodology.

The state and territory debt instrument ratings placed under review reflect the instrument considerations of the state or territory's debt relative to its Issuer Rating as set forth in the methodology. Placement of debt instrument ratings relative to issuer ratings will include evaluation of the security features, if the pledges are actively or passively managed, characteristics of the revenue base, debt service coverage, and other factors. We expect that if ratings change, it is likely to be by one notch.

The affirmation of debt instrument ratings reflects the individual state or territory's Issuer Rating and each debt instrument's security considerations.

Moody's has withdrawn 53 Issuer Ratings for state aid intercept, enhancement, and special tax programs. Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

At the same time, Moody's has assigned Pledge-Specific Ratings at the same rating level to those programs. Pledge-specific ratings are opinions of the ability of a US state, local government, related entity, or nonprofit issuer to honor debt and debt-like obligations based upon specific security payment pledges or structural features. Moody's has assigned Pledge-Specific Ratings to enhancement programs based on the individual state or territory's Issuer Rating and each debt instrument's security considerations. In addition, Moody's has assigned Pledge-Specific Ratings to intercept programs based on an evaluation of the position in the hierarchy of state debt and spending priorities, the program mechanics, the sufficiency of the financing structure together with other relevant considerations. Moody's has further assigned short-term Pledge-Specific Ratings to enhancement programs based on factors such as the individual state or territory's Issuer Rating, access to liquid resources, and market access. Finally, Moody's has also assigned Pledge-Specific Ratings to special tax programs based on an evaluation of the taxable base and pledge, legal structure, and financial metrics, together with other relevant considerations.

RATING OUTLOOK

The outlook for each issuer and each of its debt instruments not placed under review for upgrade or downgrade is unchanged from the outlook currently assigned.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- For state and territory issuer level ratings: Improvement in fundamental credit factors, including those related to economy, finances, institutional framework, or leverage.

- For debt instrument ratings: improvement in issuer level rating or strengthening of the structural and performance characteristics of individual debt securities.

- For state aid intercept ratings: improvement in the issuer level rating.

- For special tax ratings: improvement in metrics assessed for the methodology, such as tax base and legal provisions, possibly in addition to improvement in state issuer level rating

- For short-term ratings: Not applicable

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

- For state and territory issuer level ratings: Deterioration of fundamental credit factors, including those related to economy, finances, institutional framework, or leverage.

- For debt instrument ratings: deterioration of the issuer level rating or weakening of the structural and performance characteristics of individual debt securities.

- For state aid intercept ratings: deterioration of the issuer level rating.

- For special tax ratings: deterioration in metrics assessed for the methodology, such as tax base and legal provisions, possibly in addition to improvement in state issuer level rating

- For short-term ratings: deterioration in the state Issuer Rating, or deterioration in the liquidity available or market access.

METHODOLOGY

The principal methodology used in the issuer level ratings, ratings under review, affirmed debt instrument ratings and the assignment of Moral Obligation, General Obligation and New Jersey County College Enhancement Progam Chapter 12 pledge specific ratings was US States and Territories Methodology published in March 2022 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1299298. The principal methodology used in Other Notched Government Obligation (Non GO) pledge specific ratings was State Aid Intercept Programs and Financings Methodology published in March 2022 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1309599. The principal methodology used in the short-term pledge specific ratings was Short-term Debt of US States, Municipalities and Nonprofits Methodology published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1210749. The principal methodology used in the special tax pledge specific ratings was US Public Finance Special Tax Methodology published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260087. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907622778 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

- Rating Solicitation

- Issuer Participation

- Participation: Access to Management

- Participation: Access to Internal Documents

- Endorsement

- State

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Naomi Richman
Lead Analyst
PFG Admin
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Matthew Jones
Additional Contact
PFG Admin
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.